Asset Protection in
various forms has been used for many years by wealthy individuals to protect
their assets from lawsuits and judgments. The concept itself is well tested but
the application of it in helping resolve credit card and other unsecured debt is
a fairly recent development. Most of the strategies used by the wealthy, such
as offshore corporations, asset protection trusts, foreign bank accounts, and
Nevada LLCs are neither practical nor necessary to deal with existing debt.
Protecting your assets from creditors and using that protection to create
leverage to negotiate a favorable settlement is all you really need.
The best asset protection strategies act as the walls between your assets and overzealous
creditors and collection agencies. It is too late if you act to protect your
assets after a lawsuit is filed or a judgment has been granted by the courts.
That would be like trying to buy homeowners insurance while your house is on
fire! Therefore, it is better to consider a well-structured asset protection
strategy in advance of your creditors initiating any sort of legal action
against you. Asset protection strategies should be implemented while you are
still current or nearly current on your debts.
So what would an
ideal asset protection strategy designed to protect you from the collection
actions of creditors look like? There are several key components that would
need to be in place to create an effective guard around your assets and hold
your creditors at bay. All of the shortcomings of other debt relief
options would have to be overcome and it
would have to be affordable for the average person with $10,000 or more in
credit card debt.
With that in mind,
we could specify that such a program should:
Shelter your
liquid assets like checking or savings accounts from creditor collection
procedures.
Allow you to
immediately stop making payments to credit card companies without fright of
lawsuits or judgments.
Block your wages
from garnishment.
Provide access to
resources and information to help you protect yourself and your assets from
unwanted creditors.
Allow you to
redirect collection phone calls to an answering service that would not give out
any personal information.
Provide a reply
service to creditors seeking payment that would permit you to exercise all of
your legal rights under the Fair Debt Collection Practices Act.
Provide leverage
to allow you to negotiate debt down to around fifteen or twenty cents on the
dollar.
Help you access
appropriate means to restore your credit score before or after you have settled
with creditors.
Provide
information on how to negotiate with collection agencies to avoid having them
issue a 1099-C for the imputed income.
Provide 24/7
access to customer service for questions or to deal with concerns.
Provide drafted
responses to creditors who threaten legal action.
Accept credit
cards as payment for services provided.
Offer payment
options that allow you to pay as you go if you have no available credit.
As you can see we
provide a comprehensive program of asset protection and creditor deterrence
that facilitates a favorable debt resolution for the debtor. A key component to
our program is its ability to deter creditors from pursuing collection actions.
All creditors have a certain method and procedure they follow to attempt to
collect delinquent debts and our system complicates that process and reduces
their effectiveness and increases their costs. This often makes the account too
difficult to pursue and the creditor ultimately gives up, moves on to the next
case, and sells the uncollectable account to someone else.
Unlike debt
settlement, that tries to negotiate a payoff for some amount less than the
original debt with the original creditor, our debt resolution forces accounts
into collection. Since the original creditors are blocked from taking the usual
legal recourse to collect, they will sell off the debt to a collection agency
as part of a large block of other delinquent debts. You should know that the
debt collectors don‘t have to collect on every debt in order to make a
significant profit.
Armed with this
knowledge, our system thwarts any attempt by a creditor to take your money, and
puts you in a much stronger position to negotiate a pay off your debts for much
less than using any other method of debt resolution. Basically, if they can‘t
take your money, they have to take what you are willing to give them. Now that
you know the rules are different when dealing with a collection agency, and
that they only have about five cents on the dollar into your account, you can
use that to your advantage.
Offering a collection agency ten cents on
the dollar actually gives them an exit strategy by getting something for
their trouble, and in reality they have still doubled their investment in
your account! Any prudent business would rather get something, even if it were
far less than they had anticipated, than nothing at all. Of course this type of
settlement can only come when you have sufficient leverage to
force them to take such a settlement offer. It is the asset protection part of
the program that provides this leverage and it must be done right to pass
scrutiny.
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